0001653909-21-000014 | 10-Q | XBRL Viewer

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COVER - shares	9 Months Ended
COVER - shares	Sep. 30, 2021	Nov. 30, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-40963
Entity Registrant Name	Allbirds, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-3999983
Entity Address, Address Line One	730 Montgomery Street
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94111
City Area Code	628
Local Phone Number	225-4848
Title of 12(b) Security	Class A Common Stock, $0.0001 par value per share
Trading Symbol	BIRD
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001653909
Amendment Flag	false
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		25,162,870
Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		121,683,545

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 65,371	$ 126,551
Accounts receivable	2,010	1,955
Inventory	99,335	59,222
Prepaid expenses and other current assets	42,281	27,112
Total current assets	208,997	214,840
PROPERTY AND EQUIPMENT—Net	34,565	23,301
OTHER ASSETS	6,106	5,902
TOTAL ASSETS	249,668	244,043
CURRENT LIABILITIES:
Accounts payable	33,529	20,236
Accrued expenses and other current liabilities	37,032	31,491
Deferred revenue	2,475	2,925
Total current liabilities	73,036	54,652
NONCURRENT LIABILITIES:
Other long-term liabilities	8,853	5,004
Preferred stock warrant liability	13,087	5,845
Total noncurrent liabilities	21,940	10,849
Total liabilities	94,976	65,501
COMMITMENTS AND CONTINGENCIES (Note 15)
Convertible Preferred Stock, $0.0001 par value; 75,812,755 shares authorized; 70,990,919 shares issued and outstanding as of December 31, 2020 and September 30, 2021	204,049	204,049
STOCKHOLDERS’ DEFICIT:
Common stock, $0.0001 par value; 154,379,258 and 2,200,000,000 shares authorized as of December 31, 2020 and September 30, 2021, respectively; 53,683,269 and 56,508,441 shares issued and outstanding as of December 31, 2020 and September 30, 2021, respectively	5	5
Additional paid-in capital	76,657	64,548
Accumulated other comprehensive income	927	1,956
Accumulated deficit	(126,946)	(92,016)
Total stockholders’ deficit	(49,357)	(25,507)
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS’ DEFICIT	$ 249,668	$ 244,043

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Net Revenue	$ 62,711	$ 47,242	$ 180,253	$ 140,021
Cost of Revenue	28,776	22,239	82,370	66,702
Gross Profit	33,935	25,003	97,883	73,319
OPERATING EXPENSE:
Selling, General, and Administrative Expense	33,017	20,094	85,549	61,226
Marketing Expense	12,794	12,139	38,808	31,659
TOTAL OPERATING EXPENSE	45,811	32,233	124,356	92,885
LOSS FROM OPERATIONS	(11,876)	(7,230)	(26,473)	(19,566)
Interest Expense	(53)	(113)	(141)	(329)
Other (Expense) Income	(2,039)	(518)	(8,019)	1,133
Loss Before Provision For Income Taxes	(13,968)	(7,861)	(34,632)	(18,762)
INCOME TAX BENEFIT (PROVISION)	167	863	(298)	2,255
NET LOSS	(13,802)	(6,998)	(34,930)	(16,507)
OTHER COMPREHENSIVE INCOME (LOSS):
Foreign currency translation gain (loss)	(699)	266	(1,029)	469
TOTAL COMPREHENSIVE LOSS	$ (14,500)	$ (6,732)	$ (35,959)	$ (16,038)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.25)	$ (0.13)	$ (0.64)	$ (0.31)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.25)	$ (0.13)	$ (0.64)	$ (0.31)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	55,590,320	53,057,406	54,631,455	53,142,309
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	55,590,320	53,057,406	54,631,455	53,142,309

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT - USD ($) $ in Thousands	Total	Series E	Series D	Common Stock	Additional Paid-in Capital	AOCI Attributable to Parent	Retained Earnings
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2019				53,690,145
Stockholders' equity, beginning balance at Dec. 31, 2019	$ (9,118)			$ 5	$ 57,322	$ (289)	$ (66,156)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)				228,216
Exercise of stock options	225				225
Repurchase of unvested common stock shares (in shares)				(499,480)
Stock-based compensation	4,948				4,948
Comprehensive income (loss)	469					469
Net loss	(16,507)						(16,507)
Stockholders' equity, ending balance (in shares) at Sep. 30, 2020				53,418,881
Stockholders' equity, ending balance at Sep. 30, 2020	$ (19,984)			$ 5	62,495	180	(82,663)
Temporary equity, beginning balance (in shares) at Dec. 31, 2019	62,187,015
Temporary equity, beginning balance at Dec. 31, 2019	$ 102,302
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Preferred Stock (net of issuance costs) (in shares)		8,648,695	155,209
Issuance of Preferred Stock (net of issuance costs)		$ 99,825	$ 1,922
Temporary equity, ending balance (in shares) at Sep. 30, 2020	70,990,919
Temporary equity, ending balance at Sep. 30, 2020	$ 204,049
Stockholders' equity, beginning balance (in shares) at Jun. 30, 2020				53,307,473
Stockholders' equity, beginning balance at Jun. 30, 2020	(15,046)			$ 5	60,701	(86)	(75,665)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)				111,408
Exercise of stock options	69				69
Stock-based compensation	1,725				1,725
Comprehensive income (loss)	266					266
Net loss	(6,998)						(6,998)
Stockholders' equity, ending balance (in shares) at Sep. 30, 2020				53,418,881
Stockholders' equity, ending balance at Sep. 30, 2020	$ (19,984)			$ 5	62,495	180	(82,663)
Temporary equity, beginning balance (in shares) at Jun. 30, 2020	62,342,224
Temporary equity, beginning balance at Jun. 30, 2020	$ 104,224
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Preferred Stock (net of issuance costs) (in shares)		8,648,695
Issuance of Preferred Stock (net of issuance costs)		$ 99,825
Temporary equity, ending balance (in shares) at Sep. 30, 2020	70,990,919
Temporary equity, ending balance at Sep. 30, 2020	$ 204,049
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2020				53,683,269
Stockholders' equity, beginning balance at Dec. 31, 2020	$ (25,507)			$ 5	64,548	1,956	(92,016)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	2,553,187			2,553,187
Exercise of stock options	$ 4,409				4,409
Exercise of common stock warrants (in shares)				276,151
Exercise of common stock warrants	354				354
Vesting of common stock warrants	793				793
Stock-based compensation	6,553				6,553
Comprehensive income (loss)	(1,029)					(1,029)
Net loss	(34,930)						(34,930)
Stockholders' equity, ending balance (in shares) at Sep. 30, 2021				56,512,607
Stockholders' equity, ending balance at Sep. 30, 2021	$ (49,357)			$ 5	76,657	927	(126,946)
Temporary equity, beginning balance (in shares) at Dec. 31, 2020	70,990,919
Temporary equity, beginning balance at Dec. 31, 2020	$ 204,049
Temporary equity, ending balance (in shares) at Sep. 30, 2021	70,990,919	8,648,695	2,103,089
Temporary equity, ending balance at Sep. 30, 2021	$ 204,049	$ 99,825	$ 26,893
Stockholders' equity, beginning balance (in shares) at Jun. 30, 2021				54,894,072
Stockholders' equity, beginning balance at Jun. 30, 2021	(40,925)			$ 5	70,588	1,626	(113,144)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)				1,587,852
Exercise of stock options	2,610				2,610
Exercise of common stock warrants (in shares)				30,683
Exercise of common stock warrants	39				39
Vesting of common stock warrants	793				793
Stock-based compensation	2,627				2,627
Comprehensive income (loss)	(699)					(699)
Net loss	(13,802)						(13,802)
Stockholders' equity, ending balance (in shares) at Sep. 30, 2021				56,512,607
Stockholders' equity, ending balance at Sep. 30, 2021	$ (49,357)			$ 5	$ 76,657	$ 927	$ (126,946)
Temporary equity, beginning balance (in shares) at Jun. 30, 2021	70,990,919
Temporary equity, beginning balance at Jun. 30, 2021	$ 204,049
Temporary equity, ending balance (in shares) at Sep. 30, 2021	70,990,919	8,648,695	2,103,089
Temporary equity, ending balance at Sep. 30, 2021	$ 204,049	$ 99,825	$ 26,893

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$ (34,930)	$ (16,507)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	6,532	4,507
Amortization of debt issuance costs	37	37
Stock-based compensation	7,346	4,948
Change in fair value of preferred stock warrant liability	7,242	(1,872)
Changes in assets and liabilities:
Accounts receivable	(112)	(1,127)
Inventory	(40,753)	(19,345)
Prepaid expenses and other current assets	(11,542)	(8,488)
Accounts payable and accrued expenses	17,262	(3,954)
Other long-term liabilities	3,876	1,550
Deferred revenue	(454)	627
Net cash used in operating activities	(45,496)	(39,624)
CASH FLOWS FROM INVESTING ACTIVITY:
Purchase of property and equipment	(17,633)	(11,934)
Changes in security deposits	(686)	451
Net cash used in investing activity	(18,319)	(11,483)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuance of preferred stock, net of issuance costs	0	100,326
Proceeds from bank loans	0	18,294
Principal payments on bank loans	0	(4,294)
Proceeds from the exercise of stock options	4,409	225
Proceeds from the exercise of common stock warrants	354	0
Payments of deferred offering costs	(2,458)	0
Net cash provided by financing activities	2,305	114,551
EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(371)	464
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(61,880)	63,908
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—Beginning of period	127,251	75,012
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—End of period	65,371	138,920
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for interest	97	167
Cash paid for taxes	339	95
NONCASH INVESTING AND FINANCING ACTIVITIES:
Purchase of property and equipment included in accrued liabilities	603	562
Repurchase of stock options	0	640
Deferred offering costs included in accrued liabilities	$ 2,120	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Convertible preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized (in shares)	75,812,755	75,812,755
Convertible preferred stock, shares issued (in shares)	70,990,919	70,990,919
Convertible preferred stock, shares outstanding (in shares)	70,990,919	70,990,919
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	2,200,000,000	154,379,258
Common stock, shares issued (in shares)	56,508,441	53,683,269
Common stock, shares outstanding (in shares)	56,508,441	53,683,269

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Series E
Underwriting discounts and commissions from IPO	$ 174	$ 174
Series D
Underwriting discounts and commissions from IPO		$ 78

DESCRIPTION OF BUSINESS	9 Months Ended
DESCRIPTION OF BUSINESS	Sep. 30, 2021
Accounting Policies [Abstract]
DESCRIPTION OF BUSINESS	DESCRIPTION OF BUSINESS Allbirds, Inc. (“Allbirds” and, together with its wholly owned subsidiaries, the “Company,” “we,” or “our”) was incorporated in the state of Delaware on May 6, 2015. Allbirds is a global lifestyle brand that innovates with naturally derived materials to make better footwear and apparel products in a better way, while treading lighter on our planet. The majority of our revenue is from sales directly to consumers via our digital and store channels. Amended and Restated Certificate of Incorporation In September 2021, the Company filed its Eighth Amended and Restated Certificate of Incorporation, which established a dual class common stock structure and authorized a total of 2,000,000,000 shares of Class A common stock, 200,000,000 shares of Class B common stock, and 75,812,755 shares of convertible preferred stock. Upon the filing of the Eighth Amended and Restated Certificate of Incorporation, 127,735,199 shares of the Company’s then-outstanding common stock were reclassified into an equivalent number of shares of Class B common stock, which includes our convertible preferred stock on an as-converted basis and warrants being exercised or exchanged in connection with our initial public offering (“IPO”), described below, on an as-exercised or as-exchanged basis, as applicable. Initial Public Offering On November 2, 2021, the Company priced its IPO and the Company’s Class A common stock began trading on The Nasdaq Global Select Market on November 3, 2021 under the symbol “BIRD.” In connection with the closing of the IPO on November 5, 2021, 23,221,152 shares of the Company’s Class A common stock were issued and sold at a public offering price of $15.00 per share, which consisted of 16,850,799 shares offered by the Company and 6,370,353 shares offered by certain existing stockholders. The Company received aggregate proceeds of $237.0 million from the IPO, net of the underwriting discounts and commissions of $15.8 million and before offering costs of approximately $6.0 million. The Company did not receive any proceeds from the sale of shares of our Class A common stock by the selling stockholders. The condensed consolidated financial statements as of September 30, 2021 and for the period then-ended do not reflect the transaction since the IPO closed subsequent to the period end. Offering costs, including the legal, accounting, printing, and other IPO-related costs paid prior to the IPO, have been capitalized in prepaid expenses and other current assets within the accompanying condensed consolidated balance sheet as of September 30, 2021 and upon completion of the IPO, these deferred offering costs will be reclassified to Additional paid-in capital and recorded against the proceeds from the offering. In November 2021, immediately prior to the closing of the IPO, all 70,990,919 shares of the Company’s convertible preferred stock then outstanding were converted into an equivalent number of shares of Class B common stock and the Company reclassified $204.0 million of convertible preferred stock to additional paid-in-capital. 1,104,560 shares of Class B common stock were automatically issued pursuant to the terms of outstanding convertible preferred stock warrants, and 714,965 shares of Class B common stock were issued upon the exercise by the holder of an outstanding Class B common stock warrant. In connection with the closing of the IPO, the Company also filed its Ninth Amended and Restated Certificate of Incorporation, which authorized a total of 2,000,000,000 shares of Class A common stock, 200,000,000 shares of Class B common stock, and 20,000,000 shares of preferred stock. Impacts of the Coronavirus (“COVID-19”) Pandemic In December 2019, a novel strain of coronavirus (“COVID-19”) was reported, and during 2020 expanded into a worldwide pandemic, leading to significant business and supply chain disruptions. The outbreak was declared a global pandemic by the World Health Organization in March 2020 and has caused governments and public health officials to impose restrictions and to recommend precautions to mitigate the spread of the virus. In March 2020, we temporarily closed our retail stores. The stores began reopening in accordance with local government and public health authority guidelines during the second quarter of 2020 for most locations. Most retail stores have remained open, while certain locations have closed temporarily based on government and health authority guidance in those markets. No retail stores have been permanently closed. Throughout the rest of 2020, our distribution centers and retail stores operated with restrictive and precautionary measures in place such as reduced operating hours, physical distancing, enhanced cleaning and sanitation, and limited occupancy levels. In response to the COVID‐19 pandemic, various government programs have been announced which provide financial relief for affected businesses. The most significant relief measures which we qualified for are the Employee Retention Credit under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) in the United States. During fiscal 2020 we recognized payroll subsidies totaling $0.2 million under the wage subsidy programs and similar plans in other jurisdictions. These subsidies were recorded as a reduction in the associated wage costs which we incurred, and were recognized in selling, general, and administrative expense. In addition, in April 2020, we received notification of approval, through JPMorgan Chase Bank, N.A., from the U.S. Small Business Administration (“SBA”) to fund our request for a loan under the SBA’s Paycheck Protection Program (“PPP Loan”) created as part of the CARES Act. We received proceeds of $4.3 million from the PPP Loan in April 2020 and repaid the amount in full in May 2020. Temporary closures of all stores as a result of COVID‐19 and associated reduction in operating income during fiscal 2020 was considered to be a qualitative indicator of impairment and we performed an assessment of recoverability by asset group for long-lived assets. As a result of the analysis, no impairment charge was considered necessary. As of September 30, 2021, all stores had reopened.

SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

Basis of Preparation—The accompanying unaudited condensed consolidated financial statements have been presented in U.S. dollars and prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial information. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements contained in the Company’s final prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on November 4, 2021 (the “Prospectus”).

In the opinion of management, the accompanying unaudited condensed interim financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The condensed consolidated balance sheet as of December 31, 2020 has been derived from the audited financial statements at that date but does not include all of the disclosures required by GAAP.

There have been no changes to the Company’s significant accounting policies as of and for the three and nine months ended September 30, 2021, as compared to the significant accounting policies described in Note 2. Significant Accounting Policies in the notes to the audited consolidated financial statements in the Prospectus.

Principles of Consolidation—The condensed consolidated financial statements include the accounts of Allbirds, Inc. and our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

Deferred Offering Costs—Deferred offering costs of $0 and $4.6 million have been recorded in prepaid expenses and other current assets on the condensed consolidated balance sheets as of December 31, 2020 and September 30, 2021, respectively, and consist of costs incurred in connection with the anticipated sale of our Class A common stock in our IPO, including certain legal, accounting, printing, and other IPO-related costs. After completion of the IPO, deferred offering costs will be recorded in stockholders’ deficit as a reduction from the proceeds of the offering.

Segments—Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by our chief operating decision maker (“CODM”), in deciding how to allocate resources to an individual segment and in assessing performance. Our CODMs are the co-Chief Executive Officers. We operate in one operating segment and one reportable segment, as the CODMs review financial information presented on an aggregate basis for purposes of making operating decisions, allocating resources, and evaluating financial performance.

Revenue Recognition—For the nine months ended September 30, 2020 and 2021, we recognized $1.7 million and $2.4 million of revenue that was deferred as of December 31, 2019 and 2020, respectively. As of December 31, 2020 and September 30, 2021, we had $0.7 million and $0.4 million, respectively, in cash collections of purchases via our digital channel which had not yet shipped, and $2.2 million and $2.1 million, respectively, in gift card liabilities included in deferred revenue in the condensed consolidated balance sheets. The deferred revenue balance of $2.5 million at September 30, 2021 is expected to be recognized over the next 12 months.

We record a reserve for estimated product returns, based upon historical return trends, in each reporting period against revenue, as a component of net revenue, with an offsetting increase to accrued expenses. We recorded a sales refund reserve of $5.2 million and $3.0 million as of December 31, 2020 and September 30, 2021, respectively. We have also recorded a related inventory returns receivable, with an offsetting decrease to cost of revenue, for product returns of $1.4 million and $0.8 million as of December 31, 2020 and September 30, 2021, respectively. The inventory returns receivable is included in prepaid expenses and other current assets as of December 31, 2020 and September 30, 2021 in the condensed consolidated balance sheets.

We recognized the following net revenue by geographic area based on the primary shipping address of the customer where the sale was made in our digital channel, and based on the physical store location where the sale was at a retail store. The following table disaggregates our net revenue by geographic area, where no individual foreign country contributed in excess of 10% of net revenue for the nine months ended September 30, 2020 and 2021:


(in thousands)	September 30, 2021		September 30, 2020
Net revenue by primary geographical market:
United States	$	132,854	$	105,469
International	47,399		34,552
	$	180,253	$	140,021

Comprehensive (Loss) Income—Comprehensive (loss) income represents net loss for the period plus the results of certain other changes in stockholder’s deficit. For the nine months ended September 30, 2020 and 2021, we recorded other comprehensive income of $0.5 million and loss of $1.0 million, respectively, as a result of foreign currency translation adjustments, particularly changes in the euro, Chinese yuan, British pound, Canadian dollar, and New Zealand dollar.

Cash, Cash Equivalents, and Restricted Cash—The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Company’s condensed consolidated balance sheets that sum to the total of the same such amounts shown in the Company’s condensed consolidated statements of cash flows:


(in thousands)	September 30, 2021		December 31, 2020
Cash and cash equivalents	$	65,371	$	126,551
Restricted cash included in prepaid expenses and other current assets	—		700
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	65,371	$	127,251

Restricted cash serves as collateral for corporate card program obligations of the Company and consists of bank deposits. As of September 30, 2021, we had no restricted cash.

Foreign Currency Translation and Transactions—Adjustments resulting from translating foreign functional currency financial statements of our global subsidiaries into U.S. dollars are included in the foreign currency translation adjustment in accumulated other comprehensive income. The remeasurement of our global subsidiaries’ assets and liabilities, which are denominated in a foreign currency, are recorded in other expense, within the condensed consolidated statements of operations and comprehensive loss.

Fair Value Measurements—Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, Fair Value Measurements, defines fair value, establishes a framework for measuring fair value under GAAP, and enhances disclosures about fair value measurements. It clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1—Observable inputs, such as quoted prices in active markets

Level 2—Inputs other than the quoted prices in active markets that are observable either directly or indirectly

Level 3—Unobservable inputs in which there is little or no market data, which requires us to develop our own assumptions.

This hierarchy requires us to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. Refer to Note 8, Fair Value Measurements for further details.

Recent Accounting Pronouncements—As an “emerging growth company,” the Jumpstart Our Business Startups Act, or the JOBS Act, allows us to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. For certain pronouncements, we have elected to use the adoption dates applicable to private companies. As a result, our financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective date for new or revised accounting standards that are applicable to public companies.

Recently Adopted Accounting Pronouncements

In August 2018, the FASB issued Accounting Standards Update No. 2018-15, Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (“ASU 2018-15”). In discussing the topic of cloud computing accounting, ASU 2018-15 aligns the accounting for costs incurred to implement a cloud computing arrangement that is a service arrangement with the guidance on capitalizing costs associated with developing or obtaining internal-use software. ASU 2018-15 can be applied on a retrospective or prospective basis and is effective for financial statements issued for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. On January 1, 2021, we adopted ASU 2018-15 prospectively and cloud computing implementation costs incurred on or after January 1, 2021 are included in other assets in the condensed consolidated balance sheet and are presented within operating cash flows. As of September 30, 2021, capitalized implementation costs for cloud computing arrangements were not material. The adoption did not have a material impact to the Company’s condensed consolidated financial statements.

Recently Issued Accounting Pronouncements

In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which requires recognition of lease assets and lease liabilities in the balance sheet by the lessees for lease contracts with a lease term of more than 12 months. ASU 2016-02 can be applied on a modified retrospective basis, in which entities can present all prior periods under previous lease accounting guidance while recognizing the cumulative effect of applying the new standard as an adjustment to the opening balance of retained earnings in the year of adoption. In June 2020, the FASB issued ASU No. 2020-05, Effective Dates for Certain Entities, which deferred the effective date for nonpublic entities, including emerging growth companies, that had not yet adopted the

original ASU. Under the amended guidance, the leasing standard will be effective for the Company’s fiscal year beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022, with early adoption permitted. We are currently evaluating the effect of adoption of these standards on our condensed consolidated financial statements and related disclosures, but expect to record a material right-of-use asset and liability on the condensed consolidated balance sheet related to our operating leases upon adoption on January 1, 2022.

In December 2019, the FASB issued Accounting Standards Update 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for public business entities for fiscal years beginning after December 15, 2021, with early adoption permitted. We are currently evaluating the impact of adoption of this standard on our condensed consolidated financial statements and disclosures.

INVENTORY

9 Months Ended

Sep. 30, 2021

Inventory Disclosure [Abstract]

INVENTORY

Inventory consisted of the following as of December 31, 2020 and September 30, 2021:


(in thousands)	September 30, 2021		December 31, 2020
Finished goods	$	100,792	$	60,447
Reserve to reduce inventories to net realizable value	(1,457)		(1,225)
	$	99,335	$	59,222

PROPERTY AND EQUIPMENT - NET

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT - NET

Property and equipment consisted of the following as of December 31, 2020 and September 30, 2021:


(in thousands)	September 30, 2021		December 31, 2020
Leasehold improvements	$	25,487	$	18,568
Furniture and fixtures	11,842		6,209
Internal use software	13,247		9,031
Machinery and equipment	780		676
Computers and equipment	1,150		618
	52,506		35,102
Less accumulated depreciation and amortization	(17,941)		(11,801)
	$	34,565	$	23,301

Depreciation and amortization expense for the nine months ended September 30, 2020 and 2021 was $4.5 million and $6.7 million, respectively, recognized in selling, general, and administrative expense in the condensed consolidated statements of operations and comprehensive loss. There were $0.0 million and $0.2 million of assets disposed of in the nine months ended September 30, 2020 and 2021, respectively. As of December 31, 2020 and September 30, 2021, unamortized capitalized internal use software costs were $6.7 million and $9.9 million, respectively.

Geographic Information

The following table summarizes our long-lived assets by geographic area, which consist of property and equipment, net. No individual foreign country represented in excess of 10% of total long-lived assets balance as of December 31, 2020 and September 30, 2021:


(in thousands)	September 30, 2021		December 31, 2020
Long-lived assets:
United States	$	29,781	$	19,091
International	4,784		4,210
	$	34,565	$	23,301

PREPAID EXPENSES AND OTHER CURRENT ASSETS

9 Months Ended

Sep. 30, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consisted of the following as of December 31, 2020 and September 30, 2021:


(in thousands)	September 30, 2021		December 31, 2020
Accounts and other receivable	$	10,192	$	2,416
Inventory returns receivable	780		1,376
Security deposits	597		551
Prepaid expenses	5,245		4,118
Tax receivable	20,889		17,951
Deferred offering costs	4,578		—
Restricted cash	$	—	$	700
	$	42,281	$	27,112

OTHER ASSETS

9 Months Ended

Sep. 30, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

OTHER ASSETS

Other assets consisted of the following as of December 31, 2020 and September 30, 2021:


(in thousands)	September 30, 2021		December 31, 2020
Investment in equity securities	$	2,000	$	2,000
Security deposits	3,028		2,457
Intangible assets	605		935
Debt issuance costs	119		156
Deferred tax assets	354		354
	$	6,106	$	5,902

Investment in equity securities—On November 20, 2020, we entered into an agreement to make a minority equity investment of $2 million in Natural Fiber Welding, Inc. in exchange for 201,207 shares of Series A-3 Preferred Stock. Our investment is carried at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. There were no unrealized gains or losses recognized during the year ended December 31, 2020 or the nine months ended September 30, 2021. Throughout the year, we assess whether impairment indicators exist to trigger the performance of an impairment analysis. There were no impairment charges for the year ended December 31, 2020 or the nine months ended September 30, 2021.

Intangible assets include intellectual property purchased from West Harbor Technologies, LLC for $1.3 million, including transaction costs of $0.1 million, in January 2020. The intangible asset has an estimated useful life of 3

years, and we recorded depreciation and amortization charges of $0.2 million and $0.3 million for the nine months ended September 30, 2020 and 2021, respectively, which is recognized in selling, general, and administrative expense in the condensed consolidated statements of operations and comprehensive loss.

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

9 Months Ended

Sep. 30, 2021

Payables and Accruals [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses consisted of the following as of December 31, 2020 and September 30, 2021:


(in thousands)	September 30, 2021		December 31, 2020
Sales-refund reserve	$	3,010	$	5,249
Taxes payable	14,976		11,998
Employee-related liabilities	6,167		3,581
Accrued expenses	12,879		10,663
	$	37,032	$	31,491

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

We record cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses at cost. The carrying values of these instruments approximate their fair value due to their short‐term maturities. Refer to Note 2, Significant Accounting Policies to our audited consolidated financial statements, contained in our Prospectus for additional detail regarding our fair value measurement methodology.

The following tables present information about our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 and September 30, 2021 and indicate the level in the fair value hierarchy in which we classify the fair value measurement.


	December 31, 2020
(in thousands)	Level 1		Level 2		Level 3		Total
Liabilities
Warrant liability	$	—	$	—	$	5,845	$	5,845
	$	—	$	—	$	5,845	$	5,845


	September 30, 2021
(in thousands)	Level 1		Level 2		Level 3		Total
Liabilities
Warrant liability	$	—	$	—	$	13,087	$	13,087
	$	—	$	—	$	13,087	$	13,087

Warrant Liability—The fair value of our preferred stock warrant liability is based on significant unobservable inputs, which represent Level 3 measurements within the fair value hierarchy. In determining the fair value of the convertible preferred stock warrant liability, we used the probability weighted average values from (i) a Black-Scholes calculation and (ii) an option pricing model. We measure and report our preferred stock warrant liability at the estimated fair value on a recurring basis. As discussed further in Note 11, the preferred stock warrant liability was estimated using assumptions related to the remaining contractual term of the warrants, the risk-free interest rate and volatility of our comparable public companies over the remaining term, and the fair value of underlying shares. The significant unobservable inputs used in the fair value measurement of the preferred stock warrant liability are the fair value of the underlying stock at the valuation date and the estimated term of the warrants. The value from the Black-Scholes calculation reflects the value in an initial public offering scenario with the contractual term of the warrants, which was weighted by management’s estimated probability of a potential initial public offering at the applicable valuation date. The value from the option pricing model reflects the value in an alternative exit scenario at which point the warrants were expected to be exercised. Generally, increases (decreases) in the fair value of the underlying stock and estimated term would result in a directionally similar impact to the fair value measurement.

The following table presents a summary of the changes in fair value of our Level 3 liabilities for the nine months ended September 30, 2020 and 2021, included within Other (expense) income in our condensed consolidated statements of operations and comprehensive loss:


(in thousands)	Warrants
Balance at December 31, 2019	6,594
Decrease in fair value	(1,872)
Balance at September 30, 2020	$	4,722
Balance at December 31, 2020	$	5,845
Increase in fair value	7,242
Balance at September 30, 2021	$	13,087

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

LONG-TERM DEBT	9 Months Ended
LONG-TERM DEBT	Sep. 30, 2021
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Long-Term Debt—On February 20, 2019, we entered into a credit agreement with JPMorgan Chase Bank, N.A. (the “Credit Agreement”). The Credit Agreement is an asset-based loan with a revolving line of credit of up to $40.0 million and an optional accordion, which, if exercised, would allow the Company to increase the aggregate commitment by up to $35.0 million, subject to obtaining additional lender commitments and satisfying certain conditions. Pursuant to the terms of the revolving credit facility, we may reduce the total amount available for borrowing under such facility, subject to certain conditions. The Credit Agreement has a maturity date of February 20, 2024. Borrowings under our revolving credit facility use the London Interbank Offered Rate (“LIBOR”) as a reference rate. Interest on borrowings under the revolving credit facility accrues at a variable rate equal to (i) the one-month LIBOR (adjusted LIBOR Rate for a one month interest period on a given day) plus 2.50%, plus (ii) a specified spread of 1.25% or 1.5% dependent on the average quarterly loan balance, calculated on the last day of each fiscal quarter being less than $32.0 million or greater than or equal to $32.0 million, respectively. The commitment fee under the Credit Agreement is 0.20% per annum on the average daily unused portion of each lender’s commitment. In addition, we are required to pay a fronting fee of 0.125% per annum on the average daily aggregate face amount of issued and outstanding letters of credit. Interest, commitment fees and fronting fees are payable monthly, in arrears. The Credit Agreement contains customary events of default and financial covenants. As of December 31, 2020 and September 30, 2021, we were in compliance with these covenants. During the nine months ended September 30, 2020, we drew down $14.0 million from the line of credit. As of December 31, 2020 and September 30, 2021, there were no amounts outstanding under the Credit Agreement.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

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-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

STOCKHOLDERS’ DEFICIT

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

STOCKHOLDERS’ DEFICIT

STOCKHOLDERS’ DEFICITAs of December 31, 2020, we were authorized to issue 230,192,013 shares of capital stock, comprised of 154,379,258 shares of common stock and 75,812,755 shares of convertible preferred stock. Both classes of stock had a par value of $0.0001. As of September 30, 2021, we were authorized to issue 2,000,000,000 shares of Class A common stock, 200,000,000 shares of Class B common stock, and 75,812,755 shares of convertible preferred stock, and all classes of stock had a par value of $0.0001.

At September 30, 2021, convertible preferred stock consisted of the following:

Preferred stock


	September 30, 2021
(in thousands, except share amounts)	Shares Authorized	Shares Issued and Outstanding	Aggregate Liquidation Preference		Carrying Value, net of issuance cost
Series Seed	24,405,575	23,301,015	$	2,330	$	2,173
Series A	26,212,040	26,212,040	7,339		7,375
Series B	6,167,015	6,167,015	18,501		18,287
Series C	4,559,065	4,559,065	50,013		49,496
Series D	5,820,360	2,103,089	27,109		26,893
Series E	8,648,700	8,648,695	99,979		99,825
	75,812,755	70,990,919	$	205,271	$	204,049

As of September 30, 2021, the Series Seed Preferred Stock, Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock, and Series E Preferred Stock (together, the “Preferred Stock”) had the following rights, preferences, privileges, and restrictions:

Voting—Each holder of Preferred Stock was entitled to 10 votes per share of Class B common stock into which the shares of Preferred Stock held by such holder could be converted as of the record date. The holders of shares of the Preferred Stock were entitled to vote on all matters on which the common stock shall be entitled to vote. Holders of Preferred Stock were entitled to notice of any stockholders’ meeting in accordance with our bylaws. Fractional votes were not, however, permitted and any fractional voting rights would be disregarded. The holders of Preferred Stock had the right to elect separate directors to our board of directors. The holders of Preferred Stock had protective rights to vote separately to approve significant changes to our operating agreement and major transactions.

Dividends—Dividends on shares of Preferred Stock were 8% per annum, when and if declared by our board of directors. The dividends were noncumulative. No distribution would have been made with respect to the common stock until all declared but unpaid dividends on the Preferred Stock were paid or set aside for payment to the holders of the Preferred Stock. After the payment or setting aside for payment of the dividends and additional dividends (other than dividends on common stock payable solely on common stock) in any fiscal year among the holders of the Preferred Stock, the holders of the Preferred Stock and common stock then outstanding would be eligible to have dividends paid or set aside for payment in proportion to the greatest whole number of shares of common stock held by each holder if all shared of Preferred Stock were converted at the then-effective conversion rate.

Liquidation—In the event of certain deemed liquidation events where dissolution of the Company did not occur, the holders of the Preferred Stock had the ability to voluntarily require us to redeem their shares at the liquidation preference using the remaining assets after the deemed liquidation event. The liquidation preference meant $11.56 per share of Series E Preferred Stock, $12.89 per share of Series D Preferred Stock, $10.97 per share of Series C Preferred Stock, $3.00 per share of Series B Preferred Stock, $0.28 per share of Series A Preferred Stock, and $0.10 per share of Series Seed Preferred Stock, subject to adjustment as outlined below. In a liquidation event where dissolution occurred, the holders of the Preferred Stock would be paid any amounts out of our remaining assets before holders of the common stock were paid. Any distributions that were below the liquidation preference amounts would be paid pro rata to holders of the Preferred Stock. Each share of Preferred Stock shall automatically have been converted into fully paid, nonassessable shares of common stock at the then-effective conversion rate for such share (i) immediately prior to the closing of an underwritten initial public offering pursuant to an effective registration statement filed under the Securities Act, covering the offer and sale of our common stock, on the New York Stock Exchange or Nasdaq, resulting in at least $50.0 million of gross proceeds (a “Qualified IPO”), (ii) upon the settlement of the initial trade of shares of common stock on the New York Stock Exchange or Nasdaq by means of an effective registration statement under the Securities Act that registers shares of existing Common Stock of the Corporation for resale (a “Direct Listing”), or (iii) upon our receipt of a written request for

such conversion from a majority of the holders of Preferred Stock, or, if later, the effective date for conversion specified in such request.

Conversion—Each share of Preferred Stock was convertible, at the option of the holder thereof, at any time after the date of issuance of such share at the office of the Company or any transfer agent for the Preferred Stock, into that number of fully paid, nonassessable shares of common stock determined by multiplying such share by the Conversion Rate for such series. The conversion rate of a series of Preferred Stock meant a number equal to the then-applicable original issue rate for such series divided by the then-applicable conversion rate for such series. The original issue price and conversion rate at the date of the issuance meant $11.56 per share of Series E Preferred Stock, $12.89 per share of Series D Preferred Stock, $10.97 per share of Series C Preferred Stock, $3.00 per share of Series B Preferred Stock, $0.28 per share of Series A Preferred Stock, and $0.10 per share of Series Seed Preferred Stock. Each share of Preferred Stock shall automatically have been converted into fully paid, nonassessable shares of common stock at the then-effective conversion rate for such share (i) immediately prior to the closing of a Qualified IPO, (ii) upon a Direct Listing, or (iii) upon our receipt of a written request for such conversion from a majority of the holders of Preferred Stock, or, if later, the effective date for conversion specified in such request.

Redemption—The Preferred Stock was not redeemable.

Protective Provisions—In the event we issued additional shares of common stock after the Preferred Stock original issue date without consideration or for a consideration per share less than the conversion rate in effect immediately prior to such issuance, then and in each such event the conversion rate shall have been reduced to a price equal to such conversion rate multiplied by the following fraction: the numerator of which was equal to the number of shares of common stock outstanding or deemed to be outstanding immediately prior to such issuance plus the number of shares of common stock, which the aggregate consideration we received for the total number of additional shares of common stock so issued would purchase at the conversion rate in effect immediately prior to such issuance; and the denominator of which would have been equal to the number of shares of common stock outstanding or deemed to be outstanding immediately prior to such issuance plus the number of additional shares of common stock actually issued.

In November 2021, immediately prior to the completion of the IPO and subsequent to September 30, 2021, all 70,990,919 shares of convertible preferred stock converted into an equivalent number of shares of Class B common stock.

Common Stock

As of December 31, 2020, the Company had one class of common stock at a par value of $0.0001.

As of September 30, 2021, the Company had two classes of common stock: Class A common stock and Class B common stock. Each class had a par value of $0.0001.

In September 2021, prior to the completion of the IPO, the Company filed its Eighth Amended and Restated Certificate of Incorporation and implemented a dual class common stock structure where all existing shares of common stock were reclassified into Class B common stock on a one-to-one basis and the Company also authorized a new class of common stock, the Class A common stock. Authorized capital stock was 2,275,812,755 shares, of which 2,000,000,000 shares was Class A common stock, 200,000,000 shares was Class B common stock, and 75,812,755 shares was preferred stock. The common stock and the preferred stock each had a par value of $0.0001 per share.

Voting—Holders of Class A common stock are entitled to one vote per share on all matters to be voted upon by the stockholders, and holders of Class B common stock are entitled to 10 votes per share on all matters to be voted upon by the stockholders. The holders of our Class A common stock and Class B common stock generally vote together as a single class on all matters submitted to a vote of our stockholders, unless otherwise required by Delaware law or our amended and restated certificate of incorporation. Delaware law could require either holders of our Class A common stock or Class B common stock to vote separately as a single class in the following circumstances: (i) if we were to seek to amend our amended and restated certificate of incorporation to increase or decrease the number of authorized shares of a class of our capital stock, then that class would be required to vote

separately to approve the proposed amendment; (ii) if we were to seek to amend our amended and restated certificate of incorporation to increase or decrease the par value of a class of our capital stock, then that class would be required to vote separately to approve the proposed amendment; and (iii) if we were to seek to amend our amended and restated certificate of incorporation in a manner that alters or changes the powers, preferences or special rights of a class of our capital stock in a manner that affected its holders adversely, then that class would be required to vote separately to approve the proposed amendment. As a result, in these limited instances, the holders of a majority of the Class A common stock could defeat an amendment to our amended and restated certificate of incorporation. Our amended and restated certificate of incorporation does not provide for cumulative voting for the election of directors.

Dividends—Holders of Class A common stock and Class B common stock are entitled to ratably receive dividends if, as and when declared from time to time by our board of directors at its own discretion out of funds legally available for that purpose, after payment of dividends required to be paid on outstanding preferred stock, if any. Under Delaware law, we can only pay dividends either out of “surplus” or out of the current or the immediately preceding year’s net profits. Surplus is defined as the excess, if any, at any given time, of the total assets of a corporation over its total liabilities and statutory capital. The value of a corporation’s assets can be measured in a number of ways and may not necessarily equal their book value.

Right to Receive Liquidation Distributions—Upon our dissolution, liquidation or winding-up, the assets legally available for distribution to our stockholders are distributable ratably among the holders of our Class A common stock and Class B common stock, subject to prior satisfaction of all outstanding debt and liabilities and the preferential rights and payment of liquidation preferences, if any, on any outstanding shares of preferred stock.

Conversion—Each share of our Class B common stock is convertible at any time at the option of the holder into one share of our Class A common stock. Each share of our Class B common stock will convert automatically into one share of our Class A common stock upon any transfer, whether or not for value, except for (i) certain permitted transfers to entities, to the extent the transferor retains sole dispositive power and exclusive voting control with respect to the shares of Class B common stock, and (ii) certain other permitted transfers described in our amended and restated certificate of incorporation. In addition, if held by a natural person (including a natural person serving in a sole trustee capacity), each share of our Class B common stock will convert automatically into one share of our Class A common stock upon the death or incapacity of such natural person as described in our amended and restated certificate of incorporation. All outstanding shares of our Class B common stock will convert automatically into an equivalent number of shares of our Class A common stock upon the final conversion date, defined as the later of (a) the last trading day of the fiscal quarter immediately following the tenth anniversary of September 21, 2021 and (b) the date fixed by our board of directors that is no less than 61 days and no more than 180 days following the date on which the outstanding shares of Class B common stock first represent less than 10% of the aggregate number of the then outstanding shares of Class A common stock and Class B common stock (except if the final conversion date determined according to (a) or (b) would otherwise occur on or after the record date of any meeting of stockholders and before or at the time the vote at such meeting is taken, then the final conversion date shall instead be the last trading day of the fiscal quarter during which such vote was taken).

Other Matters—The Class A common stock and Class B common stock have no preemptive rights pursuant to the terms of our amended and restated certificate of incorporation and our amended and restated bylaws. There are no redemption or sinking fund provisions applicable to the Class A common stock and Class B common stock. All outstanding shares of our Class A common stock are fully paid and non-assessable.

Class B Common stock reserved for future issuance as of September 30, 2021 consists of the following:


			September 30, 2021
Shares reserved for preferred stock outstanding			70,990,919
Options issued and outstanding under the 2015 Equity Incentive Plan			17,042,359
Shares available for future option grants under the 2015 Equity Incentive Plan			471,926
			88,505,204

Upon the completion of the IPO on November 5, 2021, our board of directors may, without further action by our stockholders, fix the rights, preferences, privileges, and restrictions of up to an aggregate of 20,000,000 shares of preferred stock in one or more series and authorize their issuance. The voting, dividend, and liquidation rights of the holders of common stock are subject to and qualified by the rights, powers, and preferences of the holders of preferred stock. There are no shares of preferred stock outstanding upon the completion of the IPO.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

WARRANTS

9 Months Ended

Sep. 30, 2021

Warrants and Rights Note Disclosure [Abstract]

WARRANTS

Preferred Stock Warrants—In connection with a 2015 agreement with Venture Lending and Leasing VII and Venture Lending and Leasing VIII (the “VLL Agreement”), we issued warrants to purchase 1,104,560 shares of our Preferred Stock at an exercise price of $0.10 that expire on September 30, 2026 with an initial fair value of $0.8 million. The preferred stock warrants contained a down round and anti-dilution adjustment provision on the exercise price. The Company would have recognized on a prospective basis the value of the effect of the down round feature in the warrant when it was triggered (i.e., when the exercise price is adjusted downward). This value is measured as the difference between (1) the financial instrument’s fair value (without the down round feature) using the pre-trigger exercise price and (2) the financial instrument’s fair value (with the down round feature) using the reduced exercise price. The value of the effect of the down round feature would have been reflected in the change in fair value of the warrant liability. The preferred stock warrants could have been exercised in whole or in part at any time and included a cashless exercise option which would have allowed the holder to receive fewer shares of stock in exchange for the warrants rather than paying cash to exercise. The preferred stock warrants could have been exercised for either Series Seed Preferred Stock or Series A Preferred Stock. All of the preferred stock warrants were outstanding at December 31, 2020 and September 30, 2021.

The preferred stock warrants were classified as a liability and initially recorded at fair value upon entering the VLL Agreement. It was subsequently remeasured to fair value at each reporting date and the changes in the fair value of the warrant liability are recognized in other expense in the condensed consolidated statements of operations and comprehensive loss.

The value of our Preferred Stock warrants were estimated using the probability weighted-average values from (i) a Black-Scholes calculation and (ii) an option pricing model. The following assumptions were used to estimate the fair value of the preferred stock warrants as of December 31, 2020 and September 30, 2021:


	September 30, 2021			December 31, 2020
Expected term (in years)	5.05			5.75
Fair value of underlying shares	$	12.59		$	5.38
Risk-free interest rate	0.82		%	0.47		%
Volatility	44.9		%	65.1		%
Expected dividend yield	—		%	—		%

In November 2021, immediately prior to the completion of the IPO and subsequent to September 30, 2021, the convertible preferred stock warrants then outstanding were automatically exchanged for 1,104,560 shares of Class B common stock and the Company reclassified the preferred stock warrant liability to additional paid-in capital upon the conversion.

Common Stock Warrants—Through 2018, we issued warrants to purchase common stock to various third parties. We determined the fair value of these warrants using the Black-Scholes option pricing model.

Following is a summary of the terms of the warrants and warrant activity as well as warrants outstanding at September 30, 2021:


Date of issuance	October 2015/ March 2016		October 2016		July 2018 - Allotment 1		July 2018 - Allotment 2
Number of warrants	2,103,930		157,580		122,735		184,100
Exercise Price	$	0.10	$	0.07	$	1.28	$	1.28
Status	Vested		Vested		Vested		Partially vested
Expiration	October 2024		October 2026		July 2028		July 2028


Date of issuance	October 2015/ March 2016		October 2016		July 2018
Outstanding at December 31, 2019	717,225		157,580		306,835
Exercised during the nine months ended September 30, 2020	—		—		—
Outstanding at September 30, 2020	717,225		157,580		306,835
Outstanding at December 31, 2020	717,225		157,580		306,835
Exercised during the nine months ended September 30, 2021	—		—		276,151
Outstanding at September 30, 2021	717,225		157,580		30,684

Fair value at September 30, 2021 (in thousands)	$	8	$	62	$	15

In July 2018, we issued 122,735 warrants to purchase common stock to a third party with an exercise price of $1.28. Fifty percent of the warrants vested immediately upon issuance and the remainder of the warrants vest ratably over 24 months. An additional 184,100 warrants to purchase common stock were also issued in July 2018 to the same third-party with an exercise price of $1.28, and vest ratably over 36 months beginning when services are first rendered, beginning in 2019. The warrants were issued in exchange for various marketing services, as part of the West Investments V, LLC agreement discussed in Note 15 of our audited consolidated financial statements included in the Prospectus.

For the nine months ended September 30, 2020 and 2021, we recorded approximately $0.0 million and $1.1 million, respectively, related to the vesting of warrants, which is recorded in prepaid expenses and other current assets and additional paid-in capital, until the related services are rendered, at which point it is recognized in marketing expenses. Additionally, related to the West Investments V, LLC agreement, we made a $1 million cash prepayment in the nine months ended September 30, 2020 that was recorded to prepaid expenses and other current assets. Based on services rendered to date, we recognized $1.0 million and $0.5 million of marketing expense for the nine months ended September 30, 2020 and 2021, respectively. As of December 31, 2020, and September 30, 2021, we had $0.9 million and $0.0 million remaining in prepaid expenses and other current assets. During the nine months ended September 30, 2021, 276,151 warrants were exercised. The resulting common stock shares, along with 25,000 shares of preferred stock, were sold to an existing investor for $3.5 million, which settled the shortfall in accordance with the agreement, as the purchase amount was in excess of the anticipated shortfall amount of $2.0 million.

As of December 31, 2020 and September 30, 2021, warrants to purchase up to 2,286,200 and 2,010,049 shares of our capital stock were outstanding, respectively.

STOCK TRANSACTIONS	9 Months Ended
STOCK TRANSACTIONS	Sep. 30, 2021
Equity [Abstract]
STOCK TRANSACTIONS	STOCK TRANSACTIONSOn September 5, 2018, we received a promissory note from an employee in consideration for the early exercise of 825,000 shares of common stock options. In June 2020, the employee resigned from the company and the promissory note was amended and restated to reflect the loan amount related to the vested shares, and the cancellation of indebtedness and our repurchase of the employee’s unvested shares. The promissory note is secured by the underlying shares of common stock and bears interest at the lesser of 2.86% per annum or the maximum rate permissible by law (which under the laws of the State of California shall be deemed to be the laws relating to permissible rates of interest on commercial loans). On November 19, 2018, we received a promissory note from an employee in consideration for the early exercise of 220,000 shares of common stock options. The promissory note is secured by the underlying shares of common stock and bears interest at 2.86% per annum. Since the notes are limited recourse notes, the note receivables are not reflected in our condensed consolidated balance sheets as of December 31, 2020 and September 30, 2021.

STOCK-BASED COMPENSATION

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

2015 Equity Incentive Plan

In 2015, we adopted the 2015 Equity Incentive Plan (the “2015 Plan”) that authorized the granting of options for shares of common stock. Our 2015 Plan provided for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock units (“RSUs”), and other stock awards. The 2015 Plan was terminated in connection with the adoption of the Company’s 2021 Equity Incentive Plan (the “2021 Plan”) in November 2021 in connection with the IPO, and the Company will not grant any additional awards under the 2015 Plan. However, the 2015 Plan will continue to govern the terms and conditions of the outstanding awards previously granted thereunder.

2021 Equity Incentive Plan

In September 2021, the Company’s board of directors adopted, and our stockholders approved, the 2021 Plan, which became effective in connection with the IPO in November 2021. The 2021 Plan provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, RSU awards, performance awards, and other forms of equity compensation. Initially, the maximum number of shares of our Class A common stock that may be issued under the 2021 Plan will not exceed 32,349,192 shares of our Class A common stock. In addition, the number of shares of our Class A common stock reserved for issuance under the 2021 Plan will automatically increase on January 1 of each year for a period of 10 years, beginning on January 1, 2022 and continuing through (and including) January 1, 2031, in an amount equal to 4% of the total number of share of our common stock (both Class A and Class B) outstanding on December 31 of the immediately preceding year, except that, before the date of any such increase, our board of directors may determine that the increase for such year will be the lesser number of shares. The maximum number of shares of our Class A common stock that may be issued on the exercise of incentive stock options under the 2021 Plan will be 100,000,000 shares.

2021 Employee Stock Purchase Plan

In September 2021, the Company’s board of directors adopted, and our stockholders approved, the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which became effective in connection with the IPO in November 2021. The 2021 ESPP authorizes the issuance of shares of Class A common stock pursuant to purchase rights granted to employees. A total of 2,932,232 shares of the Company’s Class A common stock have been reserved for future issuance under the 2021 ESPP. The number of shares of our Class A common stock reserved for issuance will automatically increase on January 1 of each year for a period of 10 years, beginning on January 1, 2022 and continuing through (and including) January 1, 2031, by the lesser of (1) 1% of the total number of shares of our common stock (both Class A and Class B) outstanding on December 31 of the immediately preceding year and (2) 2,850,000 shares, except that, before the date of any such increase, our board of directors may determine that such increase will be less than the amount set forth in clauses (1) and (2). Unless otherwise determined by our board of directors, the price at which Class A common stock is purchased under the 2021 ESPP is equal to 85% of the fair market value of a share of the Company’s Class A common stock on the first day of the offering period, whichever is lower. Under our ESPP, our board of directors will be permitted to specify offerings with durations of not more than 27 months and to specify shorter purchase periods within each offering.

As of December 31, 2020 and September 30, 2021, we had authorized the granting of options for 26,918,466 shares of our common stock under the 2015 Plan and 4,455,901 shares and 471,926 shares remained available for issuance under the 2015 Plan, respectively.

A summary of the status of the 2015 Plan as of December 31, 2020 and September 30, 2021, and changes during the nine month period ending September 30, 2021 is presented below:


	Options Outstanding
	Number of Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (In Years)	Aggregate Intrinsic Value (In Thousands)
Outstanding at December 31, 2020	15,611,571	$	2.75	7.74	$	26,879
Granted	4,820,176	6.85		N/A	11,875
Exercised	(2,553,187)	1.71		N/A	22,572
Forfeited	(780,471)	3.83		N/A	4,383
Cancelled	(55,730)	3.66		N/A	334
Outstanding at September 30, 2021	17,042,359	4.01		7.53	126,086
Vested and exercisable at September 30, 2021	7,656,314	2.09		5.88	71,185
Amount expected to vest at September 30, 2021	9,386,045	$	5.57	8.87	$	54,901

Stock-based compensation expense, included in selling, general, and administrative expense in the condensed consolidated statements of operations and comprehensive loss, for the three and nine months ended September 30, 2020 and 2021 was comprised of the following:


(in thousands)	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Employee stock options	$	1,720	$	2,577	$	6,448	$	4,892
Non-employee stock options	5		50		105		56
Restricted stock awards relating to founder shares	—		—		—		—
	$	1,725	$	2,627	$	6,553	$	4,948

As of September 30, 2021, there was approximately $26.9 million of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under the 2015 Plan. The remaining unrecognized compensation cost is expected to be recognized over the weighted-average remaining vesting period of approximately 1.29 years.

The weighted-average fair value of options granted during the nine-month periods ended September 30, 2020 and 2021 was $5.13 and $6.85 per share, respectively. We calculated the fair value of each option using an expected volatility over the expected life of the option, which was estimated using the average volatility of comparable publicly traded companies. The expected life of options granted is based on the simplified method to estimate the expected life of the stock options, giving consideration to the contractual terms and vesting schedules. The following weighted average assumptions were used for issuances during the nine months ended September 30, 2020 and 2021, for employees and non-employees:

Employees—


	September 30, 2021			September 30, 2020
Risk-free interest rate	0.95		%	1.09		%
Dividend yield	—			—
Volatility	51.76		%	48.90		%
Expected lives (years)	6.0			6.0
Fair value of common stock options	$	7.65		$	5.15

Non-employees—


	September 30, 2021			September 30, 2020
Risk-free interest rate	1.53		%	0.64		%
Dividend yield	—			—
Volatility	50.13		%	50.38		%
Expected lives (years)	10.0			10.0
Fair value of common stock options	$	5.24		$	2.42

Option Repricing—On June 27, 2020, we completed a repricing transaction for certain holders of outstanding options with an exercise price per share greater than $4.12, to an exercise price per share of $4.12. The repricing was accounted for as a modification under ASC 718. The repricing did not make any other changes to the terms of the option awards. We recognized $0.1 million of incremental stock-based compensation expense at the time of the transaction, which related to the vested portion of the shares. The stock-based compensation expense associated with unvested shares is recognized over time as the shares vest. The total incremental stock-based compensation recognized relating to the repricing was $0.2 million and $0.2 million for the nine months ended September 30, 2020 and 2021, respectively.

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESIncome tax benefit (provision) was $2.3 million and ($0.3) million for the nine months ended September 30, 2020 and 2021, respectively. The effective tax rate for the nine months ended September 30, 2020 was 12.1%, compared to (0.8%) for the nine months ended September 30, 2021. The change in benefit (provision) for income taxes and effective tax rate is primarily due to applying the net operating loss carryback provision of the Coronavirus Aid, Relief, and Economic Security Act, which is nonrecurring, and a full valuation allowance in the United States and tax expense for foreign entities without a valuation allowance. Our tax provision for income taxes for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any. Each quarter, we update our estimate of the annual effective tax rate and make a year-to-date adjustment to the provision.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIESLegal Proceedings—We are subject to various claims and legal proceedings that arise in the ordinary course of our business activities. Although the outcome of any legal proceedings cannot be predicted with certainty, as of September 30, 2021, the ultimate liability of the Company, if any, is not expected to have a material effect on our financial position or operations.

NET LOSS PER SHARE

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

NET LOSS PER SHARE

NET LOSS PER SHAREThe Company computes earnings per share using the two-class method required for participating securities and multiple classes of common stock. The two-class method requires net income be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had

been distributed. The rights, including the liquidation and dividend rights and sharing of losses of the Class A common stock and Class B common stock are identical, other than voting, transfer, and conversion rights. As the liquidation and dividend rights and sharing of losses are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net loss per share attributed to common stockholders will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis.

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the nine months ended September 30, 2020 and 2021:


(in thousands, except share and per share data)	September 30, 2021		September 30, 2020

Net loss attributable to common stockholders	$	(34,930)	$	(16,507)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	54,631,455		53,142,309
Net loss per share attributable to common stockholders, basic and diluted	$	(0.64)	$	(0.31)

The following shares of preferred and common stock were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, because including them would have been antidilutive, are as follows:


	September 30, 2021	September 30, 2020

Outstanding stock options	17,042,359	15,316,189
Convertible preferred stock	70,990,919	70,990,919
Convertible preferred stock warrants	1,104,560	1,104,560
Common stock warrants	905,489	1,181,640
	90,043,327	88,593,308

BENEFIT PLAN	9 Months Ended
BENEFIT PLAN	Sep. 30, 2021
Retirement Benefits [Abstract]
BENEFIT PLAN	BENEFIT PLANWe sponsor a 401(k) defined contribution plan covering eligible employees who elect to participate. We are allowed to make discretionary profit sharing and matching contributions as defined in the plan and as approved by our board of directors. No discretionary profit-sharing contributions were made for the nine months ended September 30, 2020 or 2021. We made $0.7 million and $0.9 million in matching contributions for the nine months ended September 30, 2020 and 2021, respectively. We have no intention to terminate the plan.

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSManagement has evaluated events occurring through December 7, 2021, the date the condensed consolidated financial statements were available for issuance and has determined that apart from the completion of the IPO on November 5, 2021 noted in the footnotes above, there are no subsequent events that require disclosure in these condensed consolidated financial statements.

SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Preparation	Basis of Preparation—The accompanying unaudited condensed consolidated financial statements have been presented in U.S. dollars and prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial information. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements contained in the Company’s final prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on November 4, 2021 (the “Prospectus”). In the opinion of management, the accompanying unaudited condensed interim financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The condensed consolidated balance sheet as of December 31, 2020 has been derived from the audited financial statements at that date but does not include all of the disclosures required by GAAP.
Principles of Consolidation	Principles of Consolidation—The condensed consolidated financial statements include the accounts of Allbirds, Inc. and our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
Deferred Offering Costs	Deferred Offering Costs—Deferred offering costs of $0 and $4.6 million have been recorded in prepaid expenses and other current assets on the condensed consolidated balance sheets as of December 31, 2020 and September 30, 2021, respectively, and consist of costs incurred in connection with the anticipated sale of our Class A common stock in our IPO, including certain legal, accounting, printing, and other IPO-related costs. After completion of the IPO, deferred offering costs will be recorded in stockholders’ deficit as a reduction from the proceeds of the offering.
Segments	Segments—Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by our chief operating decision maker (“CODM”), in deciding how to allocate resources to an individual segment and in assessing performance. Our CODMs are the co-Chief Executive Officers. We operate in one operating segment and one reportable segment, as the CODMs review financial information presented on an aggregate basis for purposes of making operating decisions, allocating resources, and evaluating financial performance.
Revenue Recognition	Revenue Recognition—For the nine months ended September 30, 2020 and 2021, we recognized $1.7 million and $2.4 million of revenue that was deferred as of December 31, 2019 and 2020, respectively. As of December 31, 2020 and September 30, 2021, we had $0.7 million and $0.4 million, respectively, in cash collections of purchases via our digital channel which had not yet shipped, and $2.2 million and $2.1 million, respectively, in gift card liabilities included in deferred revenue in the condensed consolidated balance sheets. The deferred revenue balance of $2.5 million at September 30, 2021 is expected to be recognized over the next 12 months. We record a reserve for estimated product returns, based upon historical return trends, in each reporting period against revenue, as a component of net revenue, with an offsetting increase to accrued expenses. We recorded a sales refund reserve of $5.2 million and $3.0 million as of December 31, 2020 and September 30, 2021, respectively. We have also recorded a related inventory returns receivable, with an offsetting decrease to cost of revenue, for product returns of $1.4 million and $0.8 million as of December 31, 2020 and September 30, 2021, respectively. The inventory returns receivable is included in prepaid expenses and other current assets as of December 31, 2020 and September 30, 2021 in the condensed consolidated balance sheets. We recognized the following net revenue by geographic area based on the primary shipping address of the customer where the sale was made in our digital channel, and based on the physical store location where the sale was at a retail store.
Comprehensive (Loss) Income	Comprehensive (Loss) Income—Comprehensive (loss) income represents net loss for the period plus the results of certain other changes in stockholder’s deficit.
Foreign Currency Translation and Transactions	Foreign Currency Translation and Transactions—Adjustments resulting from translating foreign functional currency financial statements of our global subsidiaries into U.S. dollars are included in the foreign currency translation adjustment in accumulated other comprehensive income. The remeasurement of our global subsidiaries’ assets and liabilities, which are denominated in a foreign currency, are recorded in other expense, within the condensed consolidated statements of operations and comprehensive loss.
Fair Value Measurements	Fair Value Measurements—Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, Fair Value Measurements, defines fair value, establishes a framework for measuring fair value under GAAP, and enhances disclosures about fair value measurements. It clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1—Observable inputs, such as quoted prices in active markets Level 2—Inputs other than the quoted prices in active markets that are observable either directly or indirectly Level 3—Unobservable inputs in which there is little or no market data, which requires us to develop our own assumptions. This hierarchy requires us to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value.
Recent Accounting Pronouncements	Recent Accounting Pronouncements—As an “emerging growth company,” the Jumpstart Our Business Startups Act, or the JOBS Act, allows us to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. For certain pronouncements, we have elected to use the adoption dates applicable to private companies. As a result, our financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective date for new or revised accounting standards that are applicable to public companies. Recently Adopted Accounting Pronouncements In August 2018, the FASB issued Accounting Standards Update No. 2018-15, Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (“ASU 2018-15”). In discussing the topic of cloud computing accounting, ASU 2018-15 aligns the accounting for costs incurred to implement a cloud computing arrangement that is a service arrangement with the guidance on capitalizing costs associated with developing or obtaining internal-use software. ASU 2018-15 can be applied on a retrospective or prospective basis and is effective for financial statements issued for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. On January 1, 2021, we adopted ASU 2018-15 prospectively and cloud computing implementation costs incurred on or after January 1, 2021 are included in other assets in the condensed consolidated balance sheet and are presented within operating cash flows. As of September 30, 2021, capitalized implementation costs for cloud computing arrangements were not material. The adoption did not have a material impact to the Company’s condensed consolidated financial statements. Recently Issued Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which requires recognition of lease assets and lease liabilities in the balance sheet by the lessees for lease contracts with a lease term of more than 12 months. ASU 2016-02 can be applied on a modified retrospective basis, in which entities can present all prior periods under previous lease accounting guidance while recognizing the cumulative effect of applying the new standard as an adjustment to the opening balance of retained earnings in the year of adoption. In June 2020, the FASB issued ASU No. 2020-05, Effective Dates for Certain Entities, which deferred the effective date for nonpublic entities, including emerging growth companies, that had not yet adopted the original ASU. Under the amended guidance, the leasing standard will be effective for the Company’s fiscal year beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022, with early adoption permitted. We are currently evaluating the effect of adoption of these standards on our condensed consolidated financial statements and related disclosures, but expect to record a material right-of-use asset and liability on the condensed consolidated balance sheet related to our operating leases upon adoption on January 1, 2022. In December 2019, the FASB issued Accounting Standards Update 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for public business entities for fiscal years beginning after December 15, 2021, with early adoption permitted. We are currently evaluating the impact of adoption of this standard on our condensed consolidated financial statements and disclosures.

SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Disaggregation of Revenue

The following table disaggregates our net revenue by geographic area, where no individual foreign country contributed in excess of 10% of net revenue for the nine months ended September 30, 2020 and 2021:


(in thousands)	September 30, 2021		September 30, 2020
Net revenue by primary geographical market:
United States	$	132,854	$	105,469
International	47,399		34,552
	$	180,253	$	140,021

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Company’s condensed consolidated balance sheets that sum to the total of the same such amounts shown in the Company’s condensed consolidated statements of cash flows:


(in thousands)	September 30, 2021		December 31, 2020
Cash and cash equivalents	$	65,371	$	126,551
Restricted cash included in prepaid expenses and other current assets	—		700
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	65,371	$	127,251

Restrictions on Cash and Cash Equivalents


(in thousands)	September 30, 2021		December 31, 2020
Cash and cash equivalents	$	65,371	$	126,551
Restricted cash included in prepaid expenses and other current assets	—		700
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	65,371	$	127,251

INVENTORY (Tables)

9 Months Ended

Sep. 30, 2021

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following as of December 31, 2020 and September 30, 2021:


(in thousands)	September 30, 2021		December 31, 2020
Finished goods	$	100,792	$	60,447
Reserve to reduce inventories to net realizable value	(1,457)		(1,225)
	$	99,335	$	59,222

PROPERTY AND EQUIPMENT - NET (Tables)

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consisted of the following as of December 31, 2020 and September 30, 2021:


(in thousands)	September 30, 2021		December 31, 2020
Leasehold improvements	$	25,487	$	18,568
Furniture and fixtures	11,842		6,209
Internal use software	13,247		9,031
Machinery and equipment	780		676
Computers and equipment	1,150		618
	52,506		35,102
Less accumulated depreciation and amortization	(17,941)		(11,801)
	$	34,565	$	23,301

Long-lived Assets by Geographic Areas


(in thousands)	September 30, 2021		December 31, 2020
Long-lived assets:
United States	$	29,781	$	19,091
International	4,784		4,210
	$	34,565	$	23,301

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

9 Months Ended

Sep. 30, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following as of December 31, 2020 and September 30, 2021:


(in thousands)	September 30, 2021		December 31, 2020
Accounts and other receivable	$	10,192	$	2,416
Inventory returns receivable	780		1,376
Security deposits	597		551
Prepaid expenses	5,245		4,118
Tax receivable	20,889		17,951
Deferred offering costs	4,578		—
Restricted cash	$	—	$	700
	$	42,281	$	27,112

OTHER ASSETS (Tables)

9 Months Ended

Sep. 30, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Assets

Other assets consisted of the following as of December 31, 2020 and September 30, 2021:


(in thousands)	September 30, 2021		December 31, 2020
Investment in equity securities	$	2,000	$	2,000
Security deposits	3,028		2,457
Intangible assets	605		935
Debt issuance costs	119		156
Deferred tax assets	354		354
	$	6,106	$	5,902

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2021

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued expenses consisted of the following as of December 31, 2020 and September 30, 2021:


(in thousands)	September 30, 2021		December 31, 2020
Sales-refund reserve	$	3,010	$	5,249
Taxes payable	14,976		11,998
Employee-related liabilities	6,167		3,581
Accrued expenses	12,879		10,663
	$	37,032	$	31,491

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis


	December 31, 2020
(in thousands)	Level 1		Level 2		Level 3		Total
Liabilities
Warrant liability	$	—	$	—	$	5,845	$	5,845
	$	—	$	—	$	5,845	$	5,845


	September 30, 2021
(in thousands)	Level 1		Level 2		Level 3		Total
Liabilities
Warrant liability	$	—	$	—	$	13,087	$	13,087
	$	—	$	—	$	13,087	$	13,087

Summary of Fair Value Changes of Level 3 Liabilities


(in thousands)	Warrants
Balance at December 31, 2019	6,594
Decrease in fair value	(1,872)
Balance at September 30, 2020	$	4,722
Balance at December 31, 2020	$	5,845
Increase in fair value	7,242
Balance at September 30, 2021	$	13,087

STOCKHOLDERS’ DEFICIT (Tables)

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Schedule of Convertible Preferred Stock

At September 30, 2021, convertible preferred stock consisted of the following:

Preferred stock


	September 30, 2021
(in thousands, except share amounts)	Shares Authorized	Shares Issued and Outstanding	Aggregate Liquidation Preference		Carrying Value, net of issuance cost
Series Seed	24,405,575	23,301,015	$	2,330	$	2,173
Series A	26,212,040	26,212,040	7,339		7,375
Series B	6,167,015	6,167,015	18,501		18,287
Series C	4,559,065	4,559,065	50,013		49,496
Series D	5,820,360	2,103,089	27,109		26,893
Series E	8,648,700	8,648,695	99,979		99,825
	75,812,755	70,990,919	$	205,271	$	204,049

Schedule of Common Stock Reserved for Future Issuance

Class B Common stock reserved for future issuance as of September 30, 2021 consists of the following:


			September 30, 2021
Shares reserved for preferred stock outstanding			70,990,919
Options issued and outstanding under the 2015 Equity Incentive Plan			17,042,359
Shares available for future option grants under the 2015 Equity Incentive Plan			471,926
			88,505,204

WARRANTS (Tables)

9 Months Ended

Sep. 30, 2021

Warrants and Rights Note Disclosure [Abstract]

Warrants and Rights Outstanding, Valuation Assumptions

The following assumptions were used to estimate the fair value of the preferred stock warrants as of December 31, 2020 and September 30, 2021:


	September 30, 2021			December 31, 2020
Expected term (in years)	5.05			5.75
Fair value of underlying shares	$	12.59		$	5.38
Risk-free interest rate	0.82		%	0.47		%
Volatility	44.9		%	65.1		%
Expected dividend yield	—		%	—		%

Warrants and Rights Outstanding, Activity

Following is a summary of the terms of the warrants and warrant activity as well as warrants outstanding at September 30, 2021:


Date of issuance	October 2015/ March 2016		October 2016		July 2018 - Allotment 1		July 2018 - Allotment 2
Number of warrants	2,103,930		157,580		122,735		184,100
Exercise Price	$	0.10	$	0.07	$	1.28	$	1.28
Status	Vested		Vested		Vested		Partially vested
Expiration	October 2024		October 2026		July 2028		July 2028


Date of issuance	October 2015/ March 2016		October 2016		July 2018
Outstanding at December 31, 2019	717,225		157,580		306,835
Exercised during the nine months ended September 30, 2020	—		—		—
Outstanding at September 30, 2020	717,225		157,580		306,835
Outstanding at December 31, 2020	717,225		157,580		306,835
Exercised during the nine months ended September 30, 2021	—		—		276,151
Outstanding at September 30, 2021	717,225		157,580		30,684

Fair value at September 30, 2021 (in thousands)	$	8	$	62	$	15

STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Share-based Payment Arrangement, Option, Activity

A summary of the status of the 2015 Plan as of December 31, 2020 and September 30, 2021, and changes during the nine month period ending September 30, 2021 is presented below:


	Options Outstanding
	Number of Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (In Years)	Aggregate Intrinsic Value (In Thousands)
Outstanding at December 31, 2020	15,611,571	$	2.75	7.74	$	26,879
Granted	4,820,176	6.85		N/A	11,875
Exercised	(2,553,187)	1.71		N/A	22,572
Forfeited	(780,471)	3.83		N/A	4,383
Cancelled	(55,730)	3.66		N/A	334
Outstanding at September 30, 2021	17,042,359	4.01		7.53	126,086
Vested and exercisable at September 30, 2021	7,656,314	2.09		5.88	71,185
Amount expected to vest at September 30, 2021	9,386,045	$	5.57	8.87	$	54,901

Schedule of Stock-based Compensation Expense


(in thousands)	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Employee stock options	$	1,720	$	2,577	$	6,448	$	4,892
Non-employee stock options	5		50		105		56
Restricted stock awards relating to founder shares	—		—		—		—
	$	1,725	$	2,627	$	6,553	$	4,948

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The following weighted average assumptions were used for issuances during the nine months ended September 30, 2020 and 2021, for employees and non-employees:

Employees—


	September 30, 2021			September 30, 2020
Risk-free interest rate	0.95		%	1.09		%
Dividend yield	—			—
Volatility	51.76		%	48.90		%
Expected lives (years)	6.0			6.0
Fair value of common stock options	$	7.65		$	5.15

Non-employees—


	September 30, 2021			September 30, 2020
Risk-free interest rate	1.53		%	0.64		%
Dividend yield	—			—
Volatility	50.13		%	50.38		%
Expected lives (years)	10.0			10.0
Fair value of common stock options	$	5.24		$	2.42

NET LOSS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss per Share

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the nine months ended September 30, 2020 and 2021:


(in thousands, except share and per share data)	September 30, 2021		September 30, 2020

Net loss attributable to common stockholders	$	(34,930)	$	(16,507)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	54,631,455		53,142,309
Net loss per share attributable to common stockholders, basic and diluted	$	(0.64)	$	(0.31)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	September 30, 2021	September 30, 2020

Outstanding stock options	17,042,359	15,316,189
Convertible preferred stock	70,990,919	70,990,919
Convertible preferred stock warrants	1,104,560	1,104,560
Common stock warrants	905,489	1,181,640
	90,043,327	88,593,308

DESCRIPTION OF BUSINESS (Details) - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended	9 Months Ended		12 Months Ended
	Nov. 05, 2021	Nov. 04, 2021	Nov. 04, 2021	Apr. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2019
Subsidiary, Sale of Stock [Line Items]
Common stock, authorized (in shares)					2,200,000,000		154,379,258
Preferred stock authorized (in shares)					75,812,755		75,812,755
Common stock, shares outstanding (in shares)					56,508,441		53,683,269
Stock issuance costs					$ 2,458	$ 0
Convertible preferred stock outstanding (in shares)					70,990,919	70,990,919	70,990,919	70,990,919	62,342,224	62,187,015
Wage subsidy, CARES Act							$ 200
Paycheck Protection Program, CARES Act
Subsidiary, Sale of Stock [Line Items]
Proceeds from long-term lines of credit				$ 4,300
Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Convertible preferred stock outstanding (in shares)	0
Stock reclassified to additional paid-in-capital		$ 204,000
Subsequent Event \| IPO
Subsidiary, Sale of Stock [Line Items]
Sale of stock, price per share (in dollars per share)	$ 15.00
Aggregate proceeds from sale of stock	$ 237,000
Payments of stock underwriting discounts and commissions	15,800
Stock issuance costs	$ 6,000
Class A
Subsidiary, Sale of Stock [Line Items]
Common stock, authorized (in shares)					2,000,000,000
Class A \| Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Common stock, authorized (in shares)	2,000,000,000
Class A \| Subsequent Event \| IPO
Subsidiary, Sale of Stock [Line Items]
Shares issued in transaction (in shares)	23,221,152
Class A \| Subsequent Event \| Initial Public Offering - Shares Offered by Company
Subsidiary, Sale of Stock [Line Items]
Shares issued in transaction (in shares)	16,850,799
Class A \| Subsequent Event \| Initial Public Offering - Shares Offered by Existing Shareholders
Subsidiary, Sale of Stock [Line Items]
Shares issued in transaction (in shares)	6,370,353
Class B
Subsidiary, Sale of Stock [Line Items]
Common stock, authorized (in shares)					200,000,000
Common stock, shares outstanding (in shares)					127,735,199
Class B \| Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Common stock, authorized (in shares)	200,000,000
Stock issued from conversion of preferred stock (in shares)		1,104,560	1,104,560
Stock issued during period (in shares)		714,965
Convertible preferred stock \| Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Preferred stock authorized (in shares)	20,000,000
Convertible preferred stock outstanding (in shares)		70,990,919	70,990,919

SIGNIFICANT ACCOUNTING POLICIES - Deferred Offering Costs (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Deferred offering costs	$ 4,578	$ 0

SIGNIFICANT ACCOUNTING POLICIES - Segments (Details)	9 Months Ended
SIGNIFICANT ACCOUNTING POLICIES - Segments (Details)	Sep. 30, 2021 segment
Accounting Policies [Abstract]
Number of operating segments	1
Number of reportable segments	1

SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Accounting Policies [Abstract]
Revenue recognized	$ 2,400	$ 1,700
Cash collections of purchases via digital channel not yet shipped	400		$ 700
Gift card liabilities	2,100		2,200
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Sales-refund reserve	3,010		5,249
Inventory returns receivable	780		$ 1,376
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 2,500
Remaining performance obligation, expected timing of satisfaction, period	12 months

SIGNIFICANT ACCOUNTING POLICIES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Net revenue	$ 62,711	$ 47,242	$ 180,253	$ 140,021
United States
Disaggregation of Revenue [Line Items]
Net revenue			132,854	105,469
International
Disaggregation of Revenue [Line Items]
Net revenue			$ 47,399	$ 34,552

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

SIGNIFICANT ACCOUNTING POLICIES - Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Accounting Policies [Abstract]
Comprehensive income (loss)	$ (699)	$ 266	$ (1,029)	$ 469

SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 65,371,000	$ 126,551,000
Restricted cash	0	700,000
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 65,371,000	$ 127,251,000	$ 138,920,000	$ 75,012,000

INVENTORY (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Finished goods	$ 100,792	$ 60,447
Reserve to reduce inventories to net realizable value	(1,457)	(1,225)
Inventory	$ 99,335	$ 59,222

PROPERTY AND EQUIPMENT - NET - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment	$ 52,506	$ 35,102
Less accumulated depreciation and amortization	(17,941)	(11,801)
Property and equipment, net, total	34,565	23,301
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	25,487	18,568
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment	11,842	6,209
Internal use software
Property, Plant and Equipment [Line Items]
Property and equipment	13,247	9,031
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment	780	676
Computers and equipment
Property, Plant and Equipment [Line Items]
Property and equipment	$ 1,150	$ 618

PROPERTY AND EQUIPMENT - NET - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 6.7	$ 4.5
Asset disposals	0.2	$ 0.0
Unamortized capitalized internal use software costs	$ 9.9		$ 6.7

PROPERTY AND EQUIPMENT - NET - Geographical Information (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 34,565	$ 23,301
United States
Property, Plant and Equipment [Line Items]
Property and equipment, net	29,781	19,091
International
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 4,784	$ 4,210

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Accounts and other receivable	$ 10,192,000	$ 2,416,000
Inventory returns receivable	780,000	1,376,000
Security deposits	597,000	551,000
Prepaid expenses	5,245,000	4,118,000
Tax receivable	20,889,000	17,951,000
Deferred offering costs	4,578,000	0
Restricted cash	0	700,000
Prepaid expenses and other current assets	$ 42,281,000	$ 27,112,000

OTHER ASSETS - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Nov. 20, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Investment in equity securities	$ 2,000	$ 2,000	$ 2,000
Security deposits	3,028	2,457
Intangible assets	605	935
Debt issuance costs	119	156
Deferred tax assets	354	354
Other assets	$ 6,106	$ 5,902

OTHER ASSETS - Narrative (Details) - USD ($)	1 Months Ended	9 Months Ended		12 Months Ended
OTHER ASSETS - Narrative (Details) - USD ($)	Jan. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Nov. 20, 2020
Other Assets [Line Items]
Investment in equity securities		$ 2,000,000		$ 2,000,000	$ 2,000,000
Equity securities, unrealized gain (loss)		0		0
Equity securities impairment loss		0		$ 0
Transaction costs	$ 100,000
Intangible asset, useful life	3 years
Amortization of intangible assets		$ 300,000	$ 200,000
Intellectual Property
Other Assets [Line Items]
Intangible assets acquired	$ 1,300,000
Series A
Other Assets [Line Items]
Equity securities acquired (in shares)					201,207

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Sales-refund reserve	$ 3,010	$ 5,249
Taxes payable	14,976	11,998
Employee-related liabilities	6,167	3,581
Accrued expenses	12,879	10,663
Accrued expenses and other current liabilities	$ 37,032	$ 31,491

FAIR VALUE MEASUREMENTS - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liability	$ 13,087	$ 5,845
Total liabilities measured at fair value	13,087	5,845
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liability	0	0
Total liabilities measured at fair value	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liability	0	0
Total liabilities measured at fair value	0	0
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liability	13,087	5,845
Total liabilities measured at fair value	$ 13,087	$ 5,845

FAIR VALUE MEASUREMENTS - Summary of Fair Value Changes of Level 3 Liabilities (Details) - Warrant Liability - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 5,845	$ 6,594
(Decrease) increase in fair value	7,242	(1,872)
Ending balance	$ 13,087	$ 4,722

LONG-TERM DEBT (Details) - Revolving Credit Facility - Credit Agreement - USD ($)		9 Months Ended
	Feb. 20, 2019	Sep. 30, 2020	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 40,000,000
Accordion feature, increase limit	35,000,000
Average quarterly loan balance threshold	$ 32,000,000
Commitment fee percentage	0.20%
Fronting fee percentage	0.125%
Proceeds from long-term lines of credit		$ 14,000,000
Long-term line of credit			$ 0	$ 0
London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
Base, LIBOR, or Commitment Fee \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Base, LIBOR, or Commitment Fee \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%

STOCKHOLDERS’ DEFICIT - Narrative (Details) $ / shares in Units, $ in Millions		9 Months Ended
	Nov. 05, 2021 USD ($) shares	Sep. 30, 2021 vote $ / shares shares	Nov. 04, 2021 shares	Jun. 30, 2021 shares	Dec. 31, 2020 $ / shares shares	Sep. 30, 2020 shares	Jun. 30, 2020 shares	Dec. 31, 2019 shares
Class of Stock [Line Items]
Capital stock authorized (in shares)		2,275,812,755			230,192,013
Common stock, authorized (in shares)		2,200,000,000			154,379,258
Convertible preferred stock, shares authorized (in shares)		75,812,755			75,812,755
Convertible preferred stock, par value (in dollars per share) \| $ / shares		$ 0.0001			$ 0.0001
Common stock, par value (in dollars per share) \| $ / shares		$ 0.0001			$ 0.0001
Dividend percentage on shares of preferred stock		8.00%
Common stock, reclassification ratio		1
Common stock, percentage of Class B outstanding (less than)		10.00%
Convertible preferred stock, shares outstanding (in shares)		70,990,919		70,990,919	70,990,919	70,990,919	62,342,224	62,187,015
Minimum
Class of Stock [Line Items]
Conversion of common stock, date fixed by the board of directors, period		61 days
Maximum
Class of Stock [Line Items]
Conversion of common stock, date fixed by the board of directors, period		180 days
Subsequent Event
Class of Stock [Line Items]
Proceeds from issuance Initial Public Offering \| $	$ 50.0
Aggregate amount of shares the board of directors may fix the rights, preferences, privileges, and restrictions (in shares)	20,000,000
Convertible preferred stock, shares outstanding (in shares)	0
Class A
Class of Stock [Line Items]
Common stock, authorized (in shares)		2,000,000,000
Common stock, par value (in dollars per share) \| $ / shares		$ 0.0001
Number of votes per share for common stock \| vote		1
Class A \| Subsequent Event
Class of Stock [Line Items]
Common stock, authorized (in shares)	2,000,000,000
Class B
Class of Stock [Line Items]
Common stock, authorized (in shares)		200,000,000
Common stock, par value (in dollars per share) \| $ / shares		$ 0.0001
Number of votes per share for common stock \| vote		10
Class B \| Subsequent Event
Class of Stock [Line Items]
Common stock, authorized (in shares)	200,000,000
Convertible preferred stock, shares issued upon conversion (in shares)			70,990,919
Series E
Class of Stock [Line Items]
Convertible preferred stock, shares authorized (in shares)		8,648,700
Liquidation preference (in dollars per share) \| $ / shares		$ 11.56
Convertible preferred stock, conversion price (in dollars per share) \| $ / shares		$ 11.56
Convertible preferred stock, shares outstanding (in shares)		8,648,695
Series D
Class of Stock [Line Items]
Convertible preferred stock, shares authorized (in shares)		5,820,360
Liquidation preference (in dollars per share) \| $ / shares		$ 12.89
Convertible preferred stock, conversion price (in dollars per share) \| $ / shares		$ 12.89
Convertible preferred stock, shares outstanding (in shares)		2,103,089
Series C
Class of Stock [Line Items]
Convertible preferred stock, shares authorized (in shares)		4,559,065
Liquidation preference (in dollars per share) \| $ / shares		$ 10.97
Convertible preferred stock, conversion price (in dollars per share) \| $ / shares		$ 10.97
Convertible preferred stock, shares outstanding (in shares)		4,559,065
Series B
Class of Stock [Line Items]
Convertible preferred stock, shares authorized (in shares)		6,167,015
Liquidation preference (in dollars per share) \| $ / shares		$ 3.00
Convertible preferred stock, conversion price (in dollars per share) \| $ / shares		$ 3.00
Convertible preferred stock, shares outstanding (in shares)		6,167,015
Series A
Class of Stock [Line Items]
Convertible preferred stock, shares authorized (in shares)		26,212,040
Liquidation preference (in dollars per share) \| $ / shares		$ 0.28
Convertible preferred stock, conversion price (in dollars per share) \| $ / shares		$ 0.28
Convertible preferred stock, shares outstanding (in shares)		26,212,040
Series Seed
Class of Stock [Line Items]
Convertible preferred stock, shares authorized (in shares)		24,405,575
Liquidation preference (in dollars per share) \| $ / shares		$ 0.10
Convertible preferred stock, conversion price (in dollars per share) \| $ / shares		$ 0.10
Convertible preferred stock, shares outstanding (in shares)		23,301,015

STOCKHOLDERS’ DEFICIT - Schedule of Convertible Preferred Stock (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Convertible preferred stock, shares authorized (in shares)	75,812,755		75,812,755
Convertible preferred stock, shares issued (in shares)	70,990,919		70,990,919
Convertible preferred stock, shares outstanding (in shares)	70,990,919	70,990,919	70,990,919	70,990,919	62,342,224	62,187,015
Aggregate Liquidation Preference	$ 205,271
Carrying Value, net of issuance cost	$ 204,049	$ 204,049	$ 204,049	$ 204,049	$ 104,224	$ 102,302
Series Seed
Class of Stock [Line Items]
Convertible preferred stock, shares authorized (in shares)	24,405,575
Convertible preferred stock, shares issued (in shares)	23,301,015
Convertible preferred stock, shares outstanding (in shares)	23,301,015
Aggregate Liquidation Preference	$ 2,330
Carrying Value, net of issuance cost	$ 2,173
Series A
Class of Stock [Line Items]
Convertible preferred stock, shares authorized (in shares)	26,212,040
Convertible preferred stock, shares issued (in shares)	26,212,040
Convertible preferred stock, shares outstanding (in shares)	26,212,040
Aggregate Liquidation Preference	$ 7,339
Carrying Value, net of issuance cost	$ 7,375
Series B
Class of Stock [Line Items]
Convertible preferred stock, shares authorized (in shares)	6,167,015
Convertible preferred stock, shares issued (in shares)	6,167,015
Convertible preferred stock, shares outstanding (in shares)	6,167,015
Aggregate Liquidation Preference	$ 18,501
Carrying Value, net of issuance cost	$ 18,287
Series C
Class of Stock [Line Items]
Convertible preferred stock, shares authorized (in shares)	4,559,065
Convertible preferred stock, shares issued (in shares)	4,559,065
Convertible preferred stock, shares outstanding (in shares)	4,559,065
Aggregate Liquidation Preference	$ 50,013
Carrying Value, net of issuance cost	$ 49,496
Series D
Class of Stock [Line Items]
Convertible preferred stock, shares authorized (in shares)	5,820,360
Convertible preferred stock, shares issued (in shares)	2,103,089
Convertible preferred stock, shares outstanding (in shares)	2,103,089
Aggregate Liquidation Preference	$ 27,109
Carrying Value, net of issuance cost	$ 26,893
Series E
Class of Stock [Line Items]
Convertible preferred stock, shares authorized (in shares)	8,648,700
Convertible preferred stock, shares issued (in shares)	8,648,695
Convertible preferred stock, shares outstanding (in shares)	8,648,695
Aggregate Liquidation Preference	$ 99,979
Carrying Value, net of issuance cost	$ 99,825

STOCKHOLDERS’ DEFICIT - Schedule of Common Stock Reserved for Future Issuance (Details) - shares	Sep. 30, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Shares reserved for preferred stock outstanding (in shares)	70,990,919
Options issued and outstanding under the 2015 Equity Incentive Plan (in shares)	17,042,359	15,611,571
Shares available for future option grants under the 2015 Equity Incentive Plan (in shares)	471,926
Class B
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	88,505,204

WARRANTS - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 04, 2021	Nov. 04, 2021	Jul. 31, 2018	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Class of Warrant or Right [Line Items]
Number of securities called by warrants or rights (in shares)				1,104,560		1,104,560
Exercise price of warrants or rights (in dollars per share)				$ 0.10		$ 0.10
Fair value of warrants or rights				$ 800		$ 800
Warrants vested during period						1,100	$ 0
Marketing Expense				12,794	$ 12,139	38,808	31,659
Prepaid expenses and other current assets				$ 42,281		$ 42,281		$ 27,112
Class of warrant or right, outstanding				2,010,049		2,010,049		2,286,200
Affiliated Entity \| West Investments V, LLC
Class of Warrant or Right [Line Items]
Expenses from transactions with related party							1,000
Marketing Expense						$ 500	$ 1,000
Prepaid expenses and other current assets				$ 0		$ 0		$ 900
Exercises during the period (in shares)						276,151
Related party transaction, anticipated shortfall						$ 2,000
July 2018 - Allotment 1
Class of Warrant or Right [Line Items]
Exercise price of warrants or rights (in dollars per share)			$ 1.28	$ 1,280		$ 1,280
Warrants issued (in shares)			122,735	122,735		122,735
Percent of warrants to vest immediately upon issuance			50.00%
Vesting period for warrants or rights			24 months
July 2018 - Allotment 2
Class of Warrant or Right [Line Items]
Exercise price of warrants or rights (in dollars per share)			$ 1.28	$ 1,280		$ 1,280
Warrants issued (in shares)			184,100	184,100		184,100
Vesting period for warrants or rights			36 months
Class B \| Subsequent Event
Class of Warrant or Right [Line Items]
Stock issued from conversion of preferred stock (in shares)	1,104,560	1,104,560
Stock issued during period (in shares)	714,965
Preferred Stock \| Affiliated Entity \| West Investments V, LLC
Class of Warrant or Right [Line Items]
Stock issued during period (in shares)						25,000
Stock issued during period, value, new issues						$ 3,500

WARRANTS - Warrants and Rights Outstanding, Valuation Assumptions (Details) - $ / shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Warrants and Rights Note Disclosure [Abstract]
Expected term (in years)	5 years 18 days	5 years 9 months
Fair value of underlying shares (in dollars per share)	$ 12.59	$ 5.38
Risk-free interest rate	0.82%	0.47%
Volatility	44.90%	65.10%
Expected dividend yield	0.00%	0.00%

WARRANTS - Warrants and Rights Outstanding, Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jul. 31, 2018
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share)	$ 0.10
Outstanding, beginning of period (in shares)	2,286,200
Outstanding, end of period (in shares)	2,010,049
Fair value of warrants or rights	$ 800
October 2015/ March 2016
Class of Warrant or Right [Line Items]
Number of warrants (in shares)	2,103,930
Exercise price (in dollars per share)	$ 100
Outstanding, beginning of period (in shares)	717,225	717,225
Exercises during the period (in shares)	0	0
Outstanding, end of period (in shares)	717,225	717,225
Fair value of warrants or rights	$ 8
October 2016
Class of Warrant or Right [Line Items]
Number of warrants (in shares)	157,580
Exercise price (in dollars per share)	$ 70.00
Outstanding, beginning of period (in shares)	157,580	157,580
Exercises during the period (in shares)	0	0
Outstanding, end of period (in shares)	157,580	157,580
Fair value of warrants or rights	$ 62
July 2018 - Allotment 1
Class of Warrant or Right [Line Items]
Number of warrants (in shares)	122,735		122,735
Exercise price (in dollars per share)	$ 1,280		$ 1.28
July 2018 - Allotment 2
Class of Warrant or Right [Line Items]
Number of warrants (in shares)	184,100		184,100
Exercise price (in dollars per share)	$ 1,280		$ 1.28
July 2018
Class of Warrant or Right [Line Items]
Outstanding, beginning of period (in shares)	306,835	306,835
Exercises during the period (in shares)	276,151	0
Outstanding, end of period (in shares)	30,684	306,835
Fair value of warrants or rights	$ 15

STOCK TRANSACTIONS (Details) - shares			9 Months Ended
STOCK TRANSACTIONS (Details) - shares	Nov. 19, 2018	Sep. 05, 2018	Sep. 30, 2021
Debt Instrument [Line Items]
Common stock options exercised (in shares)	220,000	825,000	2,553,187
Promissory Note
Debt Instrument [Line Items]
Interest rate	2.86%	2.86%

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	9 Months Ended
	Jun. 27, 2020	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares)		471,926	471,926
Unrecognized compensation cost related to unvested share-based compensation arrangements granted		$ 26.9	$ 26.9
Weighted-average fair value of options granted (in dollars per share)			$ 6.85	$ 5.13
Stock-based compensation, exercise price (in dollars per share)	$ 4.12
Incremental stock-based compensation expense	$ 0.1		$ 0.2	$ 0.2
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, period for recognition			1 year 3 months 14 days
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, period for increase in shares		10 years
Percent of outstanding shares		4.00%
2021 Equity Incentive Plan \| Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, number of shares authorized (in shares)		32,349,192	32,349,192
Stock-based compensation, maximum number of shares available for issue on the exercise of incentive stock options (in shares)		100,000,000
2021 Employee Stock Purchase Plan \| Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, period for increase in shares		10 years
Percent of outstanding shares		1.00%
Stock-based compensation, number of additional shares allowable under the plan (in shares)		2,850,000	2,850,000
Stock-based compensation, purchase period		27 months
2021 Employee Stock Purchase Plan \| Class A \| Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)		2,932,232	2,932,232
Stock-based compensation, discount percentage from market price, beginning of period		85.00%
2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, number of shares authorized (in shares)		26,918,466	26,918,466		26,918,466
Shares available for issuance (in shares)		471,926	471,926		4,455,901

STOCK-BASED COMPENSATION - Share-based Payment Arrangement, Option, Activity (Details) - USD ($) $ / shares in Units, $ in Thousands			9 Months Ended	12 Months Ended
	Nov. 19, 2018	Sep. 05, 2018	Sep. 30, 2021	Dec. 31, 2020
Number of Options
Outstanding, beginning balance (in shares)			15,611,571
Granted (in shares)			4,820,176
Exercised (in shares)	(220,000)	(825,000)	(2,553,187)
Forfeited (in shares)			(780,471)
Cancelled (in shares)			(55,730)
Outstanding, ending balance (in shares)			17,042,359	15,611,571
Vested and exercisable at end of period (in shares)			7,656,314
Amount expected to vest at end of period (in shares)			9,386,045
Weighted-Average Exercise Price
Outstanding, beginning balance (in dollars per share)			$ 2.75
Granted (in dollars per share)			6.85
Exercised (in dollars per share)			1.71
Forfeited (in dollars per share)			3.83
Cancelled (in dollars per share)			3.66
Outstanding, ending balance (in dollars per share)			4.01	$ 2.75
Vested and exercisable at end of period (in dollars per share)			2.09
Amount expected to vest at end of period (in dollars per share)			$ 5.57
Weighted-Average Remaining Contractual Term (In Years)
Outstanding			7 years 6 months 10 days	7 years 8 months 26 days
Vested and exercisable at end of period			5 years 10 months 17 days
Amount expected to vest at end of period			8 years 10 months 13 days
Aggregate Intrinsic Value (In Thousands)
Outstanding, beginning of period			$ 26,879
Granted			11,875
Exercised			22,572
Forfeited			4,383
Cancelled			334
Outstanding, end of period			126,086	$ 26,879
Vested and exercisable at end of period			71,185
Amount expected to vest at end of period			$ 54,901

STOCK-BASED COMPENSATION - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 1,725	$ 2,627	$ 6,553	$ 4,948
Stock Options \| Employee
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	1,720	2,577	6,448	4,892
Stock Options \| Nonemployee
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	5	50	105	56
Restricted stock awards relating to founder shares
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 0	$ 0	$ 0	$ 0

STOCK-BASED COMPENSATION - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) - Stock Options - $ / shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.95%	1.09%
Dividend yield	0.00%	0.00%
Volatility	51.76%	48.90%
Expected lives (years)	6 years	6 years
Fair value of common stock options (in dollars per share)	$ 7.65	$ 5.15
Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.53%	0.64%
Dividend yield	0.00%	0.00%
Volatility	50.13%	50.38%
Expected lives (years)	10 years	10 years
Fair value of common stock options (in dollars per share)	$ 5.24	$ 2.42

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income tax benefit (provision)	$ 167	$ 863	$ (298)	$ 2,255
Effective tax rate			(0.80%)	12.10%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

NET LOSS PER SHARE - Schedule of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net loss attributable to common stockholders, basic			$ (34,930)	$ (16,507)
Net loss attributable to common stockholders, diluted			$ (34,930)	$ (16,507)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	55,590,320	53,057,406	54,631,455	53,142,309
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	55,590,320	53,057,406	54,631,455	53,142,309
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.25)	$ (0.13)	$ (0.64)	$ (0.31)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.25)	$ (0.13)	$ (0.64)	$ (0.31)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

NET LOSS PER SHARE - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	90,043,327	88,593,308
Outstanding stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	17,042,359	15,316,189
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	70,990,919	70,990,919
Convertible preferred stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,104,560	1,104,560
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	905,489	1,181,640

BENEFIT PLAN (Details) - USD ($)	9 Months Ended
BENEFIT PLAN (Details) - USD ($)	Sep. 30, 2021	Sep. 30, 2020
Retirement Benefits [Abstract]
Discretionary profit-sharing contributions	$ 0	$ 0
Matching contributions	$ 900,000	$ 700,000